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People
Forbes Faces: April 16, 2001
Debra Lau, 04.16.01, 1:17 PM ET
NEW YORK - Wealthy, powerful people in the news:
 |  | Wachovia Chairman Leslie M. Baker
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First Union's
(nyse: FTU - news - people) chairman and chief executive, G. Kennedy Thompson, today said his bank has agreed to buy rival Wachovia
(nyse: WB - news - people) for about $13.4 billion in stock to form the nation's fourth-biggest banking company, with $324 billion in assets, 19 million customers, 90,000 employees and 2,900 banking branches. The combined company, which will be called Wachovia Corp., plans to cut 7,000 jobs over the next three years. The deal, which has been approved by the boards of both North Carolina-based banks, is expected to close in the third quarter. It comes at a time when First Union and Wachovia have been struggling with loan losses and declining revenue. Leslie M. Baker, chairman and CEO of Wachovia, will be chairman of the combined company, and Thompson will be president and CEO. More...
 | | From right, Vice President Dick Cheney, President Bush
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Vice President Dick Cheney raked in $36 million in earnings last year while he was chief executive of Dallas-based oil services company Halliburton
(nyse: HAL - news - people). According to Cheney's recently filed income tax returns, his compensation included a $5.1 million salary, deferred compensation and bonuses, but most of his taxable income came from selling Halliburton stock and cashing in on the company's stock options. Cheney sold part of his stock to avoid raising conflict of interest questions, and he donated stock options worth $7.8 million, as well as $41,646 to other unspecified charities in 2000. Meanwhile, President Bush and his wife Laura reported $894,880 in earnings--including $744,682 in taxable income--and paid $240,342 in federal taxes, according to records.
First fugitive commodities trader Marc Rich gets a pardon from former President Bill Clinton. Now, his former wife Denise Rich has struck an immunity deal with prosecutors investigating Clinton's pardon of Rich, which means she can testify about the presidential pardon without fear of prosecution, according to Time magazine. Denise Rich, who has argued in her ex-husband's favor, has been bargaining with prosecutors for weeks on an immunity deal. The billionaire financier has been living in exile in Switzerland since 1983, following charges of tax evasion, racketeering and violating trade sanctions with Iran. Clinton's pardon of Rich and others are being investigated by U.S. Attorney Mary Jo White, who is looking into whether Clinton pardoned Rich in return for $1.5 million in contributions from Democratic donor Denise Rich and whether any of that money came from her ex-husband. White has also subpoenaed Clinton's brother Roger Clinton to discuss his alleged role in the pardons.
Thousands of unpublished photographs of Marilyn Monroe will be up for sale, courtesy of the Polish government, according to BBC News. The country's foreign debt agency had purchased 15,000 photographs from the collection of celebrated photographer Milton Greene in 1995, some 80% of which contain photos of the sexy screen legend. The collection, which is housed in Hollywood, is worth an estimated $15 million. Greene, who died in 1985, was known for photographing some of the biggest stars, like Elizabeth Taylor, Audrey Hepburn, Marlene Dietrich and Cary Grant, but his photos of Monroe are among his most celebrated. Nude Monroe photos, including one that was used as a Playboy centerfold, failed to sell at an auction last month due to a copyright infringement claim made by Monroe's estate. The estate pulled in an estimated $4 million last year from licensing fees and advertising revenue.
News items can be submitted to Debra Lau at dlau@forbes.net or by calling her at (212) 366-8847.
More From Forbes Marc Rich on The Forbes Four Hundred Richest in America
Top Of The News: The Fugitive Kind
Dick Cheney on the Forbes Top CEOs
G. Kennedy Thompson on the Forbes Top CEOs
Leslie M. Baker on the Forbes Top CEOs
Marilyn Monroe: Earnings From The Crypt
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